Mumbai: One of the producers of a planned Rs 500 film on the Ramayana today signed a memorandum of understanding (MoU) with the Uttar Pradesh government's cinema arm Film Bandhu.

The MoU was sealed at the UP Investors Summit 2018, today, according to a statement by the producer Madhu Mantena.

Billed as India's most expensive film, the project is also backed by Allu Aravind and Namit Malhotra besides Mantena.

Awanish Kumar Awasthi, principle secretary (information department) and chairman of Film Bandhu, announced that they will fully support the efforts of making Ramayana in Uttar Pradesh, the statement said.

There was, however, no official word on the development.

Speaking at the event, Mantena said he was inspired to make the film by the life and work of Anand Pai of Amar Chitra Katha. Pai popularised mythological stories through his Amar Chitra Katha stories.

Mantena, who has produced Ghajini, said the new project is an effort to retell Indian mythology to all generations in all its audio visual glory with the help of the latest technology and visual effects.